The first stethoscope was introduced
in the market in 1818 by a French physician René Laennec. Since then, there
have been huge advancements in the field of cardiac imaging and radiology.
Cardiovascular diseases are still the major cause of death in the world, and
early diagnosis is quintessential to save lives. A vast number of noninvasive
investigational modalities exist for early diagnosis of cardiac disorders, such
as cardiac computed tomographic (CT) scan, electrocardiography,
echocardiography, and cardiac magnetic resonance imaging, which have diminished
the use of conventional stethoscope in modern times.
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However, the major limitations with
these advancements are the need of trained personnel for investigation and
interpretation of results. The other significant limitations are their cost and
availability only in advanced centers. Compared to this, stethoscope is
relatively cost effective, easy to use, and easily available that can be used
by paramedics and nurses. In developing country like India, where penetration
of advanced medical imaging in rural areas is low, stethoscope plays important
role in diagnosis of cardiac and pulmonary disorders. Smart or digital
stethoscopes offer a new perspective over the conventional stethoscope and
hence it would be a useful tool in armamentarium of healthcare professionals.
Smart Stethoscopes
Market – Competitive Landscape
The global
smart stethoscopes market comprises large and mid-size vendors. Key players
in smart stethoscopes market include Thinklabs Medical LLC, 3M, HD Medical
Group, Welch Allyn, Clinicloud Inc, American Diagnostic Corporation, eKuore and
Cardionics. These companies are making efforts to expand their presence in
developing and underdeveloped countries through collaboration with various
suppliers.
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Welch Allyn, Inc.
Founded in 1915, Welch Allyn, Inc. is
a U.S.-based global medical device company, engaged in the manufacture of
medical diagnostic equipment. The company markets its products in over 50
countries globally through an established sales and distribution network. It
offers products in areas of vital signs monitoring, patient monitoring,
diagnostic cardiopulmonary, blood pressure measurement, physical assessment,
thermometry, cardiopulmonary, population health management technologies, and
software and services. Headquartered in New York, the U.S., Welch Allyn, Inc.
principally operates in North America, Asia Pacific, Europe, the Middle East,
and Latin America.
3M
3M is a leading global player in the
field of technology innovation. It manufactures and markets diverse products
and services worldwide. It primarily operates through five business segments:
healthcare, industrial, safety and graphics, electronics and energy, and
consumer. The company’s healthcare segment caters to various markets including
medical clinics and hospitals, pharmaceuticals, dental and orthodontic practitioners,
health information systems, and food manufacturing and testing. 3M has
corporate operations in 70 nations and customers spread across 200 countries
worldwide.
New Perspective
over Conventional Stethoscope is likely to drive the Smart Stethoscopes Market
The smart stethoscope is a user
friendly and cost efficient equipment that help physicians to arrive at
accurate results. Smart stethoscopes are now emerging as a new homecare medical
device and an effective assistant for doctors. These stethoscopes aid in
diagnosis of respiratory diseases and disorders based on heart rate. The
conventional stethoscope since have been playing a very important role in the
department of cardiology until now. However, nowadays there is huge demand to
replace the conventional stethoscopes with advanced versions. There are some
drawbacks associated with conventional stethoscopes such as low sound quality,
especially in obese patients and patients with thick chest wall. There is
complete abolition of sound transmission in case of cardiac murmurs. The
electronic stethoscope contains a large chest piece with a battery case below
it which contains the LED display showing volume control, battery status, heart
rate and a control mode to choose between bell, diaphragm, and extended mode.
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High Adoption of
Technologically Advanced Products and Expanding Healthcare Infrastructure is
likely to drive the Smart Stethoscopes Market
Globally, North America is expected
to account for the highest share of the smart stethoscopes market in terms of
revenue followed by Europe. These two regions are expected to retain their
leadership positions throughout the forecast period. The superiority of these
two regions is majorly due to well-developed healthcare infrastructure,
presence of major players operating in medical devices, high adoption of
technologically advanced products and high disposable income. Moreover, high
incidence and prevalence of cardiac and pulmonary disorders has further fuelled
the smart stethoscopes market in the region. According to the Centers for
Disease Control and Prevention (CDC), one in every four deaths in North America
is caused due to heart disease. China and India are the major markets in Asia
Pacific that offer large opportunities for the smart stethoscopes market.
The smart stethoscopes market in Asia Pacific is projected to expand at the
highest CAGR compared to other regions. Cardiovascular disease is among the top
five causes of death in Asia and is characterized by large unmet needs that
provide ample growth opportunities for the players in the region. Expanding
health care infrastructure, rising disposable income, large obese and geriatric
populations are some of the factors that are expected to play a key role in
making Asia Pacific the most attractive market for manufacturers operating in
the region.
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Smart Stethoscopes
Market - Segmentation
On the basis of product type, the
smart stethoscopes market is segmented into:
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Based on end-user, the market is
classified into:
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